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Biomark Posts Fiscal Q3 Revenues on R&D Lab Services

NEW YORK — Biomark Diagnostics on Tuesday reported revenues of C$19,818 ($15,630) for its fiscal third quarter, versus no revenues the year before, which were generated entirely from R&D lab services as the liquid biopsy developer works to bring its first commercial product to market.

For the three-month period ended Dec. 31, 2021, Biomark's net loss increased to C$276,697 from C$194,189 in the same period the year before.

R&D spending in the quarter was essentially flat at C$66,119, compared with C$64,646 in the prior year fiscal third quarter. Overall operating costs in the quarter were up 47 percent to C$285,092 from C$194,189, primarily due to an increase of depreciation for right-of-use asset to C$41,069 from C$992 a year ago, and a 207 percent jump in filing and transfer agent fees to C$32,229 from C$10,508.

At the end of 2021, Biomark had cash and cash equivalents totaling C$179,299.

Looking ahead, Biomark said that it expects to have results from a retrospective analysis aiming to validate a metabolite biomarker panel for early lung cancer detection and evaluating its ability to differentiate lung cancer from other diseases in the second half of this year.

The Vancouver, British Columbia-based firm also anticipates initiating early this year a 4,000-person clinical study for the prospective validation of the lung cancer biomarkers in the metabolite biomarker panel for early lung cancer detection, which will be conducted in partnership with AstraZeneca, Pfizer Canada, and the Quebec Heart and Lung Institute.

"Though the lung cancer screening assay may become our first commercial product in Canada and [the] US, Biomark is developing a portfolio of products for cancer management that consists of the lung cancer screening assay, a therapeutic agent for glioblastoma, and tests to track the response to treatments for lung cancer and glioblastoma," Biomark CEO Rashid Bux said in a statement.